Vancouver, BC (March 31, 2017) Eros Resources Corp. (TSX.V: ERC) (“Eros” or the Company”) provides an update on corporate developments following its announcement on February 6, 2017, to acquire an interest in three wells to be drilled on the Flaxcombe oil field in Saskatchewan.
On March 27, 2017, Westcore Energy Ltd (TSX.V:WTR) announced that it has confirmed the development concept of the Flaxcombe field with the successful recommissioning of a previously drilled well, wholly owned by WTR.
Eros and its partner Westcore, plan to drill three vertical wells into the Flaxcombe field in the second quarter, following spring break-up. Under the terms of the previously announced deal, Eros will hold a 90% working interest in the wells until its $1.6 million investment is recovered and will hold a 50% interest thereafter. In addition, Eros retains a right of first refusal to participate on the same terms on two subsequent drill programs on the Flaxcombe field.
Eros continues to actively manage its strategic investments in a variety of resource developers. During the quarter, the Company exercised 1,037,500 share purchase warrants in Harte Gold (TSX.T:HRT) at C$0.15 per common share and exercised a further 2,000,000 share purchase warrants in Westcore Energy Ltd (TSX.V:WTR) at C$0.15 per common share. Eros currently holds 706,000 common shares of HRT and 4,000,000 common shares of WTR. As of this date, the mark-to-market value of the Company’s available-for-sale marketable securities is approximately C$7.7 million along with cash and cash equivalents of approximately C$2.5 million.
Eros continues to pursue its strategy to identify, assess and acquire an interest in advanced resource projects with a North American focus.
Eros Resources Corp. is a well-financed Canadian public company focused on the exploration and development of resource projects in North America. Eros also holds an investment portfolio which includes 48 million shares of Skeena Resources Ltd., which is advancing exploration on 3 exciting projects, Spectrum-GJ, Snip and the past-producing Porter Idaho silver mine in the Golden Triangle of the Stikine Arch of northwestern British Columbia.
On behalf of the Board of Directors of
Eros Resources Corp.,
President & CEO
Cautionary note regarding forward-looking statements
Certain statements made and information contained herein may constitute “forward looking information” and “forward looking statements” within the meaning of applicable Canadian and United States securities legislation, including, among other things, information with respect to this presentation. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as “anticipates”, “believes”, “targets”, “estimates”, “plans”, “expects”, “may”, “will”, “could” or “would”. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.
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